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much to all of you for joining us. let me get your take on the housing numbers today, jeffrey. it looks like they were better than expected. still a debate going on in terms of where this recovery stands. >> they definitely were better than expected, but from very low levels. we're up 70, 80% from the lows. but we were well down from the peak in housing. we're not expecting housing to be the steam engine of this recovery. maybe there's a little too much excitement with this particular report. >> john, in terms of putting money to work in this market, do you think what jeffrey is saying, in terms of where we are, is priced into this market? >> when i look at the markets right now and what's going on with the movement in stocks over the last year, it's been on very low volume. in my mind, the one big economic indicator we need to be following is job growth. i don't see job growth that's going to allow us to keep a sustainable movement in the market. >> do you want to sell into equities? >> i guess when i look at it, i'm looking at a longer-term horizon. i think volatility is here to stay
you all. thank you so much for joining us. what do you think? good day for the markets? but, of course, off of the best levels. what does this tell us about the fourth quarter? >> yeah, sure. you have a lot of positive momentum heading into the fourth quarter. the seasonals tend to be positive going into the end of the year and the beginning of the new year. you know, you've got that going for you but have some uncertainties. the u.s. elections, the fiscal cliff. you've got some back tracking in europe. and then you've got the leadership transition in china. so i think you're going to have that positive influence, maybe met with a little bit of resistance around some of the unserpt you'll see because of these i vents. we think the markets are higher 15 months from now. >> okay, so even if we do see this volatility you think 15 months from now, are you going to be in a better position? what about that, peter, we've been talking today that the expectations call for a contraction in third quarter earnings. going to see a negative performance from the third quarter, these are the expectati
a distinguished panel to take us through these big stories. gene muenster of piper jaffray with me. our very own john fort. good to see you, gentlemen. thank you for joining us. ben pace, let me kick this off with you. when you see a specific story like what happened today in google and you put it into the overall economy and the landscape that we're talking about, which of course has been weak for technology earnings, what does it tell you? >> well, tii think it just tell us to be a little cautious here. we're at highs. we've been trading in a trading range since the qe-infinity announcement in mid-september. i think the bar had been set low for third quarter earnings based on second quarter earnings and the summer economic slowdown. but it is sector by sector. you've seen some weakness in technology. the financial earnings were okay. the consumer earnings seem to be okay. we're only about a fifth of the way through. but it's a continuing trend of low growth rate of earnings, maybe even negative this quarter. more importantly, disappointments in revenues. with margins as high as they are, it's
's going to happen in the middle east. no way these ceos are going to step out on the ledge and give us rosy outlooks. >> you talked about guidance, josh, and how important it's going to be. how much do you expect american corporations to talk about the fiscal cliff and what it's doing to them? >> i don't think it's showing up in the results they're talking about this quarter -- >> but will they give guidance going forward -- >> right now earnings are running 4-1 over positive preannouncements. if you look at what they're blaming, actually, thompson reuters say 50% of the companies have blamed europe, the companies negatively. 8% warned based on strength from the dollar. another 6% blame china. you're not hearing a lot about fiscal cliff uncertainty, at least not yet. i think the right question to be asking ourselves is, whether or not those trends, the things that management are blaming, are bound to continue into another quarter. none of them strike me as one off. all of them strike me as the types of things that could persist. that's why i talk about being concerned more about q4 tha
drury. thank you for joining us. let me get your take, steve. on the jobs report on friday, what should we expect? >> i think it's going to come in lighter than the adp. the adp has been a poor indicator of the jobs number. i think there's a reason the fed gave us qe-3, because they saw the softness in the labor market. i think it could come in a little on the weak side. more importantly, the official jobs number is the revisions backwards. they've been going back through previous months and knocking down those numbers. i think i wouldn't be surprised if it came in a little soft. >> kate, do you agree with that? if so, is this priced into the market? >> yes, absolutely priced in, maria. great question. what they're going to expect is for it to be terrible. if it isn't terrible, we'll see a rally. what matters most to this market is earnings. we're in pre-earnings disappointment season where we're going to float a little bit until earnings come out. we've seen a friend where earnings have beat expectations. we've gone down to earnings, earnings beat expectations, then we've had a good ra
back with me and david and richard peterson and rob morgan. thanks for joining us, lizann, going into year end, do you want to be invested and exposed to stocks? >> it may be early if you're trading oriented. i wouldn't be surprised to see a bit more choppy action and perhaps that extends but we may not quite have gotten there yet. >> we'll keep watching for possible further decline in the market and deterioration on the earnings story. rich peterson, we knew we were going to look at a contraction, how many companies? is it 25% of the s&p 500 has reported? >> that's correct, little bit more than that. 23% have missed. but the dilemma they are saying is trying to find growth. when we started on october 9th when alcoa kicked off. a 1 to 2% decline in third quarter earnings. financials has been the main stay, in part maybe we look at the numbers today, a little improvement, little help by refinancing, which is helping consumer cash flow. >> but the revenue hasn't been great, right? >> that's going to continue into the fourth quarter and first quarter of 2013. low single revenue grow
will begin to hook up, but the u.s., if it goes over the fiscal cliff, goes into recession. that's driving volatility for the whole quarter. >> everybody is saying we'll go into recession if we go off the cliff. brian, where are you on that same question? do you want to buy or sell? do you think it continues? >> this is actually towards the lower end of our trading range for the balance of the year. around 1400, that's the low point. maybe we could test down 1371 if we continue to get bad earnings. i don't think this is related to the fiscal live cliff at all. if it was, last night president obama indicated there's no way we're going to go over that, he's not going to let the spending cuts happen. what about the tax increases? the day's numbers i think was more a function of the fundamentals, bad earnings, specifically top-line revenue growth was really slow. >> but how is he going to stop the spending cuts? i didn't understand that from the debate last night. how is he going to stop the spending cuts from going through when that's the law? which, by the way, he signed. it'sautomatic. how
, gentlemen. thank you for joining us. david, you say this could be another up and down week for stocks. any thoughts on why we had this reversal at the end of the day today? >> it's exactly that. we had an up and down day. i think the basic point is that it is a very tough earnings season because it's really a very slow global economy. it's not a wonderful world right now. slow global economy with dollar going up over the last year. that's hurting earnings. against that you have the fact that with rates this low, people need a better place to put their money. if people can't see a disaster, they're buying the dips. that's why we're getting this up and down movement. >> interesting. so is there a level that you watch, david or roger, in terms of what that level was today that created the bounce in the market to completely reverse course? >> this is roger here. i wouldn't say there was a specific level but in terms of sentiment washing out, we saw that on friday. there was an aggressive move to the downside and from there for no reason at all apple is up $20 today. things in the market turn a
but it will start to pick up november 1st or 2nd we'll be light days for us anyway. >> bob you've been tracking some stocks on the move. what have you been looking at closely, what are some of the movers on a day that volume wasn't that bad. lot of people expected light volume. >> volume is good. we're getting the market on closed orders here for the end of the month, we're north of 800 million shares on the floor so we're moving towards the heavy volume day believe it or not, maria. hurricane sandy was bigger impact than people anticipated. the opposite of irene. today we're seeing plays in stock names that have been around for a few days, guys ahead of the curve playing last week, take a look at a few of them, hubble makes hardware that's used on the pole lines that's maintained by utilities, that stock is up today, generac makes power generators, big with portable and standby, big play last week, 20% move, beacon roofing up last week, up again today. armstrong world makes flooring, that moved, up 6%. crawford & company provides claims insurance. so that is going to help them out. so these stocks
. he says this was a much needed pause. he joins us along with bob from cabbot money management along with rick santelli. tim, you believe there's an upside? >> i do. this has been the clearing correction we've been looking for in the marketplace. granted, we're going to be in kind of dead water here until after the election after the election, we're going to get clarity regardless of which way the election goes. we're looking for a positive bias to the end of the year. >> what sectors lead us in that positive bias? where do you want to be exposed? >> we're still believers in technology. we know it's been soft here lately. there's going to be a tremendous amount of demand. as we know, revenues are really hard to grow in this kind of marketplace. so companies are going to have to continue to squeeze efficiency out of their operations. that means technology. we're also believers in finance and financial companies. >> okay. rob, where are you on this question? how are you allocating capital? >> yeah, we're quite bullish today. it's really a sea of bearishness out there today. on a relati
's future without his close friend steve jobs. and interview you won't want to miss. joining us coming up. meanwhile, let's look that the reversal on wall street. yes, we closed lower, but it was well off the lows of the afternoon. the dow jones industrial average down 0.25% this afternoon. a come back in apple, a handful of technology names. nasdaq finished positive, reversing its earlier losses with a gain on the session of 6 1/2. the s&p 500 also higher on the session. there's a look at treasuries here with yields fractionally higher on the day. as you can see there, yields moving lower and the price moving higher, pardon me. let's get straight to the markets and talk about investing in this environment. gentlemen, good see you. thank you so much for joining us. dan, let me kick this off with you. what do you think happened at end of the day today? seems this market has been trading on some worries last several sessions. yet, we did see some optimism at end of the day. >> absolutely. it's a case of perhaps, you know, still do not fight the fed. what we were watching specifically was ap
tidal surge. the assets he's brought to nassau county has helped position us so we're in the best place to help our resident should this storm reach the record levels that are anticipated. we are already seeing flooding above normal records. we have roads that have been closed. we urge our residents, if you're in the flood zone, evacuate safely now. i've been informed by the weather service that that impending storm and those wind will be moved up to about 6 p.m. that's when we can expect a more severe storm coming. with 7 p.m. the high tide, between 7 p.m. and 11 p.m. we are very concerned in nassau county. this is the time to get out of harm's way and let our first responders do the job they're trained to do. i thank you, governor, for being with us and helping us get as prepared as possible for what could be record-braeging tidal surge here in the county. >> thank you. >> i want to join county executive in thanking the governor for really what has been an incredible amount of support from new york state on this storm as the county executive mentioned, this storm has intensified and a
these it days and what he's seeing around the world. larry fink joining us coming up. an interview you can't afford to miss. meanwhile, let's look at how we're settling out at the close tonight. a pretty good day on wall street on the heels of the debate last night, commentary coming from mario draghi. the market held on to a double-digit move, even though it's off the best levels of the afternoon. still closing with a gain. as you can see the numbers here, the dow jones industrial average up more than 75 points on the session. 81 points higher at 13,576 at the close tonight. nasdaq picking up 14 points. the s&p 500 higher by 10.5 points. rally mode as the dow posting the largest gain in about three weeks today. is this a romney rally following that debate last night or more so on the heels of commentary out of europe? top strategists will be weighing in on what was behind today's moves. some on the street are speculating that the rally has to do with the strong showing by governor mitt romney last night in the first presidential debate of the 2012 election. let's get to courtney reagan. s
and readings. the real big drivers are europe and the u.s. elections. in terms of the big moves, we still have a ways to wait. the last big moves were the ecb and the federal reserve. the market ran up on those. that was great news for the market. there's no big bullish driver force right now. that's why we're getting this tentative move. a great chart you showed earlier where it fades. nobody wants to benegative, but they're cautious. >> they are right now. mark, what was the benchmark you're waiting for next week here? >> we have a couple data points i'm looking at. that's reports from the empire and philly fed service manufacturing to see if they corroborate the ism reading we had a week ago. that was above the 50 mark. the boom/bust line, if you will. if that's good, i think that portends good news on stabilization on the domestic front. we also get two reports on housing. once again, seeing the numbers coming out of jpmorgan and wells fargo today, we're seeing affirming information that the housing recovery is hardening and that's good news. frankly, i'm looking at china. i think the poin
. if you get a 5, even 7% correction, you want to use that opportunity to buy stocks that may be down 8 to 9%, 10%, perhaps. >> what are you going to buy here, david? >> i'll give you a few names. on a smaller cap site, itt, which is a spinout. about a year ago they spun out their defense and water business. i think the management is very shareholder driven. the yield is compelling, and they're going to grow the yield. another name that looks compelling to me is the housing market continues to improve. lowe's, very shareholder driven. valuation at a discount to home depot. i think there's a couple ideas. >> itt as a small cap. harold jeanine is spinning in a grave somewhere. if you don't know who he is, look him up. >> i was going to ask dan the same question. what with would you do? >> i think ben bernanke is telling you you have to move out on the risk curve. two stocks we like, the gwr in the new york stock exchange. just fantastic long-term record. made what probably will be looked at as one of the most important strategic moves by buying rail america. very, very high-quality asset.
after a two-day shutdown. meanwhile, bob spoke with the current ceo earlier today. he joins us with the latest details. >> it's all systems go. that's what he told me. the nyse along with all of the other exchanges will open as usual tomorrow for a full trading day. the most important issue was making sure the nyse could connect with the trading community. >> i think what we're most worried about, bob, and we've been working with the clients and will continue to do so throughout the day, is since a lot of them are working from their own contingency sites, we want to make sure it's working as planned. that's not something that's tested frequently. >> the other major issue is making sure there were enough personnel to open the trading floor. the opening of the bridges and tunnels is making it possible to get the roughly 200 people they need to open the nyse. many are already there. there's been pressure on all of the exchanges to open tomorrow since it is the last trading day of the month and many report their gains and losses on a monthly basis. be a big day tomorrow. of course,
to digest, but can it be sustained? david just told us we can drop 20% before the end of the year. goldman sachs also putting out a very bearish report for the short term as well. >> and take a look at what's going on right now. peter, let me start with you. your take on the jobs number today. >> i think it was rather lame. i'm not looking at the headline unemployment rate. i look at u-6. that was exactly unchanged with the prior month. you look at the private sector payroll growth, barely above 100 thorax. it's lackluster at best. i'm not looking at the headline unemployment rate and taking that on its surface. you have to look underneath the hood, and you realize it was a lackluster number. >> dean, do you agree with that? is that why we saw a fade into the close today? >> i'm not sure if that's the reason for the market fading into the end. i do agree it's a very tepid number. you had strong growth partly driven by the government, where the labor markets were quite tepid. >> what else are we going to see, rick santelli? what's going to happen in the next week or so? a lot of people argu
number is not good. we knew this would give us an idea of what to expect in terms of the overall health of retail spending and give us an indication of what might come down in terms of the upcoming holiday spending. i want to focus on those margins and see how those come out if we get more information. initially, it doesn't look good with that revenue number. >> you say amazon's numbers can give us a good sense of the health of the online retail sector. obviously this is the monster online in terms of retail. what's your perception of how business is going from that standpoint? >> well i think it's going relatively well. i'm kind of worried about them having to pay state sales tax. we know in california they're going to have to start doing that. that may take away some of the advantage that they have over some of the brick and mortar stores. this will be interesting to see how that plays out. initially, i think things are beginning okay. obviously, this revenue is not good. we're expe >> we're expecting a loss for the quarter. it feels like amazon doesn't care about profitable. it's jus
for joining us. >> thank you. >> mike, what are you expecting out of earnings this season? >> i think we're going to have a negative quarter, maria. looks like we're down 1.21 according to the cap iq consens consensus. i think we're going to have weakness in the materials sectors. i think there's going to be a surprising strength in financials and consumer discretionary. >> i know i've asked this a million times, but is it priced into the markets we're going see a weak quarter, or do you think the central bank easing and the money flowing into the market has clouded things up in terms of what the market's expecting? >> well, i think the market is sort of expecting that they're going to be weaker than expected. i think you're right. i think we have a little bit of acid inflation, as investors are chasing any bit of yield they can get. equities, they're taken further risks by going to more equity oriented instruments. effectively, it's offis -- offset by these technical drivers. >> mark, what are you hearing from clients in terms of strategy? >> i think as far as what you hear from clients
will come back to stocks. and when they do, those will be the stocks that lead us higher. >> which ones are they? which holds up the best? >> which will hold up the best? >> yeah. >> right now we're overweight health care. we like almost every subsector within health care. we think that portfolio managers will be loathe to sell these names, one of the few areas with both, a demographic tailwind along with some secular growth. actually, if you look at raw accumulation distribution in the form of price, if you look at the charts, the charts are telling you these stocks are under accumulation and should be bought on any dip. you know, that's where we would be betting. >> just looking at qe, i mean, bill gross with his treat today, i want to get all your takes on this, he tweets out pimco ceo bill gross says, even with high octane qe, asset prices seem to have plateaued. find safe carry and be content. so, he's looking at a plateauing in terms of equities right here, jim key. you're on the other side of that trade? >> i am long term anything 6 to 12 months or beyond. near term, two to three
of what it is the law is looking for. i think what the regulators can do to help themselves and all of us is to be quite clear about the guiden principles. what's the outcome they're trying to achieve with these regulations? how are they interpreting the intent of the law? i think that would be really helpful in terms of creating a bit more transparency and certainty. >> the fiscal cliff something we're talking about a lot lately given the fact that the spending programs go away. we're going to see taxes go higher for all income levels, by the way. you think we're going to go off the fiscal cliff? what's your take on the impact on business and the economy? >> i think policymakers are going to certainly get past the election. then, what i'm hoping, is that cool heads will prevail, and there will be after the election, i believe, a number of cool heads. the other thing i would expect to happen is if they haven't started to develop a plan, a framework, a context, the markets are going to be a little more volatile. they're going to be holding the politicians accountable. we've seen that happe
, gentlemen. thank you so much for joining us. we just got the intel numbers out. that's one area that we want to go to. first, let's talk about the citigroup story, sort of the stunner of the day. josh, what do you make of what we learned today? >> first of all, good riddance. he's had several years to do something by way of redefining the culture of the company. the strategic vision of the company. we don't knstill don't know wha company is. we have an opportunity here for citi's executive board to really start forcing those changes. obviously, they've been selling off businesses. i expect that to continue. the question is, what are they going to be when they grow up? hopefully we're at front of starting to see a definition of that. >> michael, i think they've been very clear about what they want to be, as you say, josh, when they grow up. that is the bank to the international economies, the bank to the emerging markets as well as the commercial bank in the u.s. have they achieved that status? we know that the company was the international name to know in banking. did they lose that? >> they
's market action. ben pace joins us along with dan gender. >> a cast of thousands joining us today. >> guys, what do you think here? ben, we seem to have a problem this week. we really struggled today to hold on to positive territory. why? >> yeah, we really couldn't even hold it at the end. i think the reality of weak third quarter earnings are starting to set in. you had a little bit of a good economic statistic with the jobless claims. this morning that, helped, but it wasn't able to hold. we had a weak summer of statistics so it would be logically the conclusion that we'd have a weak earnings season in the third quarter. then the outlook for 2013 aren't fantastic either. with a market that's come as far as it has, that's what's precipitating the pull back here. >> dan, what's your take on where we're going here these days? >> well, i think, bill, we were definitely overdue for a correction. i mean, the market was up 13% since the end of june. it just got ahead of itself. the last little push was basically all due to macros. we had news coming out of the ecb regarding the omt program. we
Search Results 0 to 22 of about 23

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